（文章来源：每日经济新闻） 招金黄金（000506.SZ）1月6日在投资者互动平台表示，经了解，香港富林公司的尾矿处理生产线截至 目前尚未建成投产，主要原因是斐济现处于雨季期，影响室外施工建设。关于您询问的富林公司前期2 万吨矿石处理情况，以及是否新购矿石及其价格、数量等细节，这些信息属于富林公司内部运营信息范 畴，且涉及相关客户的商业秘密，出于合规要求及对客户信息的保护，公司不便对外披露具体详情。同 时，根据《深圳证券交易所股票上市规则》的相关规定，此类日常性经营业务的具体交易细节通常不属 于需进行临时公告披露的范畴。请您理解。关于矿石、尾矿等产品的总体销售情况，公司会在定期报告 中按规定进行披露。关于开采处理能力，目前瓦图科拉金矿每日采矿量约为1200吨，每日尾矿处理量约 为1300吨。 每经AI快讯，有投资者在投资者互动平台提问：请问富林公司的尾矿处理生产线是否建成投产？富林 公司先前2万吨矿石是否己处理完了，是否又新购买公司新的矿石，价格和数量多少？瓦矿每天能开采 出多少吨原矿石？处理多少吨尾矿？ ...

并保留我公司的一切权利 分析师：吴剑剑 从业资格证号：F03132084 投资咨询证书号：Z0020830 免责声明： 本报告中信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。 报告中的内容和意见仅供参考，并不构成对所述期货操作的依据。由于报告在撰写时融入了研究员个人的观点和见解以及分析方法，如与国联期货发 布的其他信息有不一致及有不同的结论，未免发生疑问，本报告所载的观点并不代表国联期货公司的立场，所以请谨慎参考。我公司及其研究员对使 用本报告及其内容所引发的任何直接或间接损失概不负责。 本报告所提供资料、分析及预测只是反映国联期货公司在本报告所载明日期的判断，可随时修改，毋需提前通知。 任何机构和个人不得进行任何形式的复制和发布 如遵循原文本意的引用 黑色周报 20251207 | | 虚高的反噬 | | --- | --- | | | 1、黑色品种，特别是焦煤，交割压力得以充分体现，上月的虚高导致 | | 策略观点 | 了当前的反噬；2、螺纹热卷下方空间不大，但向上需要政策和情绪的 发酵；3、矿石的焦点在长协谈判对市场的影响，箱体特征显著；4、 | | | 玻璃现货下跌空间有限，但期 ...

Core Points - The article discusses the leaked draft of the third revision of the Mineral Development Agreement (MDA) between ArcelorMittal (AML) and the Liberian government, highlighting AML's efforts to secure near-total control over the Yekepa-Buchanan railway and Buchanan port [1] - The leaked MDA includes a "supremacy clause" that prioritizes the agreement over any conflicting current or future Liberian laws, which could significantly undermine national sovereignty [1] - Despite AML's claims that the new MDA is not intended to grant monopoly status, the revised MDA is projected to generate over $100 million annually for the government [1] - The MDA redefines AML's concession area as a "single production zone" with a single continuous mining license, granting AML control over transportation of ore and related logistics [1] - The concession could be extended for an additional 25 years or more, with a minimal annual fixed mining license fee of $500,000 [1] - AML has historically acted as its own auditor and production reporter, leading to low transparency regarding its contributions to Liberia, while Liberia's stake in the company has decreased from 30% to 15% without clear explanation [1] - The sovereignty of Liberia may hinge on the ability of the National Mining Cooperation Committee (IMCC) to resist the influence of a global mining giant that has navigated through three government changes over nearly two decades [1]

Core Insights - China's GDP growth rate for the first half of the year reached 6.8%, with significant developments in foreign trade [1] - The total import and export volume reached 14.12 trillion yuan, with Guangdong, Jiangsu, Shanghai, and Zhejiang accounting for 58.3% of the total [1] - Despite leading in total trade volume, Guangdong experienced negative export growth, while Yunnan topped the national trade growth rankings [1][4] Trade Volume and Growth - The eastern coastal provinces dominate in trade volume, with Guangdong, Jiangsu, Shanghai, and Zhejiang being consistent members of the "trillion club" [2][3] - In the first half of 2018, Guangdong's total import and export value was 32,396.5 billion yuan, a year-on-year increase of 2.7%, maintaining its position as the largest [3] - Jiangsu led in growth rate among these provinces with a 9.4% increase, while Guangdong's export growth was negative at -3.3% [3] Western Provinces' Performance - Western provinces showed remarkable trade growth, with Yunnan, Shaanxi, and Gansu leading the national rankings [4][6] - Yunnan's import and export total reached 935.92 billion yuan, with a staggering year-on-year growth of 56% [6] - The disparity in growth rates among western provinces is notable, with Yunnan's growth significantly outpacing that of other regions like Qinghai, which saw a decline [4][6] Factors Influencing Trade Dynamics - The shift of production capacity from Guangdong to provinces like Sichuan and Chongqing is contributing to Guangdong's declining export growth [3][5] - The influx of outward-oriented enterprises into the central and western regions has led to explosive growth in trade, particularly in provinces like Sichuan [5] - Yunnan's impressive growth is attributed to increased imports of oil and gas through the China-Myanmar pipeline and the export of highland specialty agricultural products [6][7] Trade with Belt and Road Countries - Trade with ASEAN and other Belt and Road countries has shown significant growth, indicating the increasing importance of these regions in China's foreign trade [7][8] - The recent adjustments in foreign investment regulations may further influence trade dynamics, particularly in energy sectors [8]

Core Insights - The eighth China International Import Expo showcased the potential of Latin American companies, particularly from Peru and Ecuador, in tapping into the Chinese market for fresh produce and flowers [2] - The opening of Qianhai Port, a key project under the Belt and Road Initiative between China and Peru, has significantly reduced shipping times and costs for Peruvian goods to China [2] Trade and Economic Impact - Qianhai Port's operational efficiency has decreased the shipping time from Peru to China from over 30 days to 23 days, resulting in a logistics cost reduction of over 20% [2] - In the first three quarters of this year, bilateral trade between China and Ecuador reached approximately $12.919 billion, marking a 26.2% increase compared to the same period in 2024 [2] - China's imports from Ecuador amounted to $7.293 billion, reflecting a year-on-year growth of 24% [2]

Core Insights - The China International Import Expo (CIIE) serves as a platform for enhancing cooperation between China and African countries, particularly the least developed nations, promoting mutual benefits and inclusivity [1][2] Group 1: Economic Partnerships - China is actively signing economic partnership agreements, implementing 100% zero-tariff policies on products from 53 African countries, with the Republic of Congo being the first to benefit from this initiative [1] - The signing of the early harvest arrangement between China and the Republic of Congo marks a significant step in enhancing bilateral trade relations [1] Group 2: Participation and Growth - The current CIIE has established a dedicated area for the least developed countries, attracting 163 enterprises from 37 such nations, representing a 23.5% year-on-year increase [1] - The number of African enterprises participating in the expo has surged by 80% compared to the previous year, indicating a growing interest and engagement from the continent [1] Group 3: Market Opportunities - The CIIE provides a platform for countries like Rwanda to expand their exports of coffee, tea, and peppers, benefiting from China's market access, technology exchange, and investment [2] - The collaboration between Rwanda and China exemplifies the spirit of South-South cooperation, contributing to agricultural transformation and sustainable development in Rwanda [2]

Core Insights - The launch of the container service by YN Energy Holdings marks the official opening of the "Yulu Convenient Sea Passage" intermodal logistics project, enhancing logistics connectivity between Henan and the eastern coastal regions [1][2] - The project is expected to significantly improve the logistics landscape in the region, reducing overall logistics costs and transportation time for exports [2] Group 1: Logistics Development - A container train carrying 3,100 tons of chemical coal has departed from the Henan Coal Storage and Distribution Trading Center, establishing a new logistics link [1] - The intermodal operation at Shandong Port has seen a 53.3% year-on-year increase, with 114,000 TEUs handled in the first three quarters of 2025 [1] - The logistics channel focuses on iron ore transportation between Rizhao Port and Hebi Shifeng Station, with an expected annual shipment volume of 360,000 tons [1] Group 2: Infrastructure and Capacity - The Henan Coal Storage and Distribution Trading Center has established two coal storage bases with a static storage capacity of 2.25 million tons and an annual dispatch capacity of 20 million tons [1] - The integration of the Wazhi Railway and Jingguang Railway enhances the logistics capabilities, creating a new "inland storage—railway direct—port export" logistics channel [2] - The container business will focus on heavy goods such as premium coal, minerals, steel, cement clinker, and high-value-added chemical products, promoting versatile logistics solutions [2]

证券代码：603260 证券简称：合盛硅业 公告编号：2025-067 三、主要原材料的价格变动情况（不含税） | 主要产品 | 2025 年三季度 平均价格（元/吨） | 2025 年二季度 平均价格（元/吨） | 2024 年三季度 平均价格（元/吨） | 环比变 动比率 | 同比变 动比率 | | --- | --- | --- | --- | --- | --- | | | | | | （%） | （%） | | 矿石 | 223.56 | 512.35 | 384.41 | -56.37 | -41.84 | | 石油焦 | 3,021.50 | 1,944.90 | 1,356.87 | 55.36 | 122.68 | | 硅厂煤 | 565.41 | 604.74 | 820.37 | -6.50 | -31.08 | | 电厂用煤 | 179.86 | 180.95 | 231.89 | -0.60 | -22.44 | | 甲醇 | 1,666.46 | 1,718.04 | 2,012.87 | -3.00 | -17.21 | | 氯甲烷 | 1,985.49 | 1,940.25 | ...

Report Industry Investment Rating - Not provided in the document Core View - The report presents the basis data of various futures varieties on October 27, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, along with the corresponding spot prices, price changes, basis values, basis - corresponding contracts, and basis deviation degrees [2][3][4][5] Summary by Category Macro - On October 27, 2025, for IF, the spot price was 4716 with a change of 55, the basis was 32, the corresponding contract was 2512, and the basis deviation degree was 0.76; for IH, the spot price was 3070 with a change of 24, the basis was 3, the corresponding contract was 2512, and the basis deviation degree was 0.30; for IC, the spot price was 7379 with a change of 120, the basis was 125, the corresponding contract was 2512, and the basis deviation degree was 0.90 [2] Black - In Shanghai on October 27, 2025, the spot price of rebar was 3210 with a change of 10, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was 0.34; in Beijing, the spot price was 3210 with a change of - 20, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was - 0.26. For hot - rolled coil in Shanghai, the spot price was 3330 with no change, the basis was 21, the corresponding contract was 2601, and the basis deviation degree was 0.27. For ore in Shandong, the spot price was 840 with a change of 15, the basis was 54, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.46. For coke in Tianjin Port, the spot price was 1656 with no change, the basis was - 124, the corresponding contract was 2601, and the basis deviation degree was - 0.72. For coking coal with port warehouse receipts, the spot price was 1623 with a change of 6, the basis was 359, the corresponding contract was 2601, and the basis deviation degree was 0.74. For steam coal in Qinhuangdao Port, the spot price was 768 with a change of - 1, the basis was - 33, the corresponding contract was 2511, and the basis deviation degree was - 0.17. For glass at the low price in Shahe, the spot price was 1095 with a change of - 9, the basis was 0, the corresponding contract was 2601, and the basis deviation degree was 0.05; in Hubei at the low price, the spot price was 1040 with a change of - 30, the basis was - 55, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For ferrosilicon in Yinchuan, the spot price was 5570 with a change of - 30, the basis was - 114, the corresponding contract was 2601, and the basis deviation degree was - 0.80. For silicomanganese in Inner Mongolia, the spot price was 6050 with no change, the basis was 178, the corresponding contract was 2601, and the basis deviation degree was 0.62 [3] Energy - Chemical - On October 27, 2025, for methanol at the port, the spot price was 2232 with no change, the basis was - 55, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88; in Henan, the spot price was 2315 with a change of - 35, the basis was 47, the corresponding contract was 2601, and the basis deviation degree was 0.14; in southern Shandong, the spot price was 2475 with a change of - 10, the basis was 207, the corresponding contract was 2601, and the basis deviation degree was 0.52; in Hebei, the spot price was 2625 with a change of - 160, the basis was 357, the corresponding contract was 2601, and the basis deviation degree was 0.82. For PTA in East China, the spot price was 4534 with a change of 98, the basis was - 82, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.83. For PP in East China, the spot price was 6585 with a change of 10, the basis was - 114, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88. For LLDPE in North China, the spot price was 6930 with a change of 20, the basis was - 94, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.56. For high - end PVC, the spot price was 4625 with no change, the basis was - 90, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.63; for low - end PVC, the spot price was 4565 with a change of 10, the basis was - 150, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For asphalt in East China, the spot price was 3500 with no change, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.24; in Shandong, the spot price was 3340 with a change of - 10, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.07; in South China, the spot price was 3520 with a change of 20, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.51. For ethylene glycol in the domestic market, the spot price was 4191 with a change of 19, the basis was 82, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For soda ash, the spot price was 1170 with a change of 20, the basis was - 76, the corresponding contract was 2601, and the basis deviation degree was - 0.54. For pulp in Shandong, the spot price was 4990 with no change, the basis was - 268, the corresponding contract was 2601, and the basis deviation degree was - 0.94. For staple fiber in East China, the spot price was 6150 with a change of - 30, the basis was - 92, the corresponding contract was 2512, and the basis deviation degree was - 0.89. For urea, the spot price was 1520 with a change of 30, the basis was - 120, the corresponding contract was 2601, and the basis deviation degree was - 0.90. For natural rubber in Shanghai, the spot price was 15000 with a change of 40, the basis was - 380, the corresponding contract was 2601, and the basis deviation degree was 0.62; for whole - latex natural rubber, the spot price was 14680 with a change of 45, the basis was - 700, the corresponding contract was 2601, and the basis deviation degree was 0.55. For 20 - grade rubber in Qingdao, the spot price was 1860 with a change of 5, the basis was 682, the corresponding contract was 2512, and the basis deviation degree was 0.95. For styrene, the spot price was 6505 with a change of - 10, the basis was - 26, the corresponding contract was 2512, and the basis deviation degree was - 0.98 [3] Non - Ferrous - On October 27, 2025, for copper, the spot price was 88210 with a change of 1735, the basis was - 35, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.52; for international copper, the spot price was 78225 with a change of 1450, the basis was - 635, the corresponding contract was 2511, and the basis deviation degree was 0.04. For aluminum, the spot price was 21160 with a change of 50, the basis was - 40, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.36. For zinc, the spot price was 22210 with a change of 20, the basis was - 50, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.73. For lead, the spot price was 17250 with a change of - 50, the basis was - 215, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.43. For nickel, the spot price was 122250 with a change of 200, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.76. For tin, the spot price was 283500 with a change of 1600, the basis was - 3220, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.90 [4] Agricultural Products - On October 27, 2025, for 43% soybean meal in Jiangsu, the spot price was 2900 with a change of - 10, the basis was - 32, the corresponding contract was 2601, and the basis deviation degree was - 0.10. For first - grade soybean oil in Jiangsu, the spot price was 8470 with a change of 30, the basis was 236, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For 36% rapeseed meal at the average price in Guangdong, the spot price was 2470 with a change of 10, the basis was 135, the corresponding contract was 2601, and the basis deviation degree was 0.90. For rapeseed oil at the market average price, the spot price was 10273 with a change of - 10, the basis was 525, the corresponding contract was 2601, and the basis deviation degree was 0.99. For 24° palm oil in Guangzhou, the spot price was 9000 with a change of - 50, the basis was - 100, the corresponding contract was 2601, and the basis deviation degree was - 0.93. For cotton nationwide, the spot price was 14565 with a change of 10, the basis was 1000, the corresponding contract was 2601, and the basis deviation degree was 0.52. For white sugar in Guangxi, the spot price was 5750 with no change, the basis was 305, the corresponding contract was 2601, and the basis deviation degree was 0.07; in Yunnan, the spot price was 5825 with a change of - 5, the basis was 380, the corresponding contract was 2601, and the basis deviation degree was 0.50. For fresh eggs in Shijiazhuang, Hebei, the spot price was 2960 with no change, the basis was - 174, the corresponding contract was 2512, and the basis deviation degree was - 0.52; in Dalian, Liaoning, the spot price was 2890 with no change, the basis was - 244, the corresponding contract was 2512, and the basis deviation degree was - 0.59; in Dezhou, Shandong, the spot price was 2750 with no change, the basis was - 384, the corresponding contract was 2512, and the basis deviation degree was - 0.70; in Shangqiu, Henan, the spot price was 2800 with no change, the basis was - 334, the corresponding contract was 2512, and the basis deviation degree was - 0.72. For soybeans in Bei'an, the spot price was 4060 with no change, the basis was - 17, the corresponding contract was 2601, and the basis deviation degree was - 0.68; in Jiamusi, the spot price was 4140 with no change, the basis was 63, the corresponding contract was 2601, and the basis deviation degree was - 0.33. For corn in Changchun, the spot price was 2240 with no change, the basis was 128, the corresponding contract was 2601, and the basis deviation degree was 0.58; in Weifang, the spot price was 2350 with no change, the basis was 238, the corresponding contract was 2601, and the basis deviation degree was 0.53. For starch in Changchun, the spot price was 2580 with no change, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.32; in Weifang, the spot price was 2605 with no change, the basis was 190, the corresponding contract was 2601, and the basis deviation degree was 0.73. For live pigs in Kaifeng, Henan, the spot price was 12050 with a change of 200, the basis was - 280, the corresponding contract was 2601, and the basis deviation degree was - 0.91. For red dates in Hebei, the spot price was 9600 with no change, the basis was - 790, the corresponding contract was 2601, and the basis deviation degree was - 0.21. For apples in Shandong, the spot price was 7400 with a change of 1000, the basis was - 1536, the corresponding contract was 2601, and the basis deviation degree was - 0.72 [5]

Core Insights - The launch of the "Sichuan Yibin Port - Chongqing Guoyuan Port Lithium Battery" shipping route marks a new phase for the "Qianli Qingzhou" freight service, which has now opened a total of 10 trial routes, indicating a shift to regular operations [1][3] - The "Qianli Qingzhou" service aims to enhance the role of shipping in supporting domestic and international dual circulation and reducing overall logistics costs in society [1][3] Summary by Categories Operational Highlights - As of now, "Qianli Qingzhou" has completed over 200 one-way voyages, transporting a total of 1 million tons of goods, which has saved over 5 million RMB in logistics costs, representing a cost reduction of 25% [3] - The majority of goods transported include bulk materials such as construction materials, ores, and chemical raw materials, which account for over 90% of the total cargo [3] Future Plans - The Chongqing Transportation Committee plans to strengthen regional collaboration, optimize layout, and enhance synergy to develop a multi-modal logistics system that connects the upper reaches of the Yangtze River [3] - The goal is to create a benchmark brand for high-quality development in inland shipping, focusing on convenience in multi-modal transport, regularized shipping modes, and intelligent logistics services [3]